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Al Khaliji Bank nine-month profit soars, shares add slightly
October 24, 2012--The Doha-based QE 20 Index advanced 0.10% to 8,516.31 points.
Al Khaliji Commercial Bank added likewiese 0.10%, after the Qatari lender said interim financial statements revealed a net profit of QR378.5m for the nine months period ended September 30, 2012 in comparison to a net profit of QR 359.3m for the corresponding period last year.
Saudi Stock Exchange falls the fourth day straight
October 23, 2012--The Tadawul All-Share Index closed Tuesday trading 0.20% lower at 6,729.48 points as oil prices dived 2.66% (U. S. crude) on an accelerated sell-off at U. S. markets.
After New York-listed market heavyweights disapointed when reporting Q3 earnings, the sentiment turned bearish at the world's largest exchange. In Riyadh, shares of market bellwether Saudi Basic Industries Corp. or Sabic fell 1.13% to SR87.75. Saudi Arabian Cooperative Insurance Company gained 0.70% to hit SR72.50. Earlier in the day, the insurer said that net income before Zakat during the third quarter in 2012 was SR7.328m compared to a net income before Zakat of SR3.051m for the same quarter last year with an increase of 140.18%, and compared to a net income before Zakat of SR5.351m for the previous quarter in 2012 with an increase of 36.95%.
Qatar Gas Company slips as nine-month profit declines
October 23, 2012--The QE Index declined 0.3% to 8,511.97 Tuesday.
Qatar Gas Transport Company Ltd. or Nakilat, closed off 0.10% at QR15.49. Nakilat said earlierin the day, the interim financial statements for the nine-month perios revealed a net profit of QR562m in comparison to a net profit of QR624.8m for the corresponding period last year.
Batelco reports nine-month results
October 23, 2012--The Bahrain All-Share Index added a quatrer percent to reach 1,062.46 points.
Bahrain Telecom, known as Batelco, jumped 2.38% to close at BD0.43. Earlier in the day, Batelco said its net profit for the nine-month profit fell by 25% year-on-year to reach BD42.6m. Bahrain Islamic Bank posted the largest decline, closing 6.67% lower at BD0.084.
KSA's real GDP to grow 5.3% this year: Jadwa
October 22, 2012--Jadwa Investments has said the Saudi economy is projected to grow by around 3.8% in current prices to hit an all-time high this year, amid swelling oil prices underpinned by robust public and private sectors, Saudi Gazette has reported.
From around SR2.136trn in 2011, nominal GDP is projected to climb to a record high of SR2.245trn in 2012, the Riyadh-based investment firm said. Nominal growth in 2012 will be far below the 28% rate achieved in 2011, one of its largest increases in Saudi history. It is also below the 19.7% growth in 2010, but in contrast with a 20.9% contraction in 2009, when oil prices slumped by nearly 50% to $60 a barrel and Saudi Arabia slashed crude output by about one million barrels per day to 8.2 million bpd.
Kingdom Holding Company advances on higher Q3 profit
October 22, 2012--The Tadawul All-Share Index fell the fourth day straight Monday, ending down 0.56% to hit 6,741.82 points.
Kingdom Holding Company, the investment vehicle mostly owned by H. H. Prince Al-Waleed Bin Talal Al-Saud, added 1.30%, closing at SR15.60. Earlier in the day, Kingdom Holding said the net income in the third quarter was SR217.8m compared to the net income of SR197.7m for the same quarter in 2011, representing an increase of 10.2 %, and compared to the net income for the last quarter of SR178.9m, an increase of 21.7%. Commenting on the results, the holding said "The increase in net income for the third quarter is due to income of real estate investments, dividends from investments in financial markets, improvement of performance from associate companies and reversal of impairment loss despite the low performance of international hotel companies as a result of current events in the Middle East."
Al Baraka Banking Group plummets, nine-month net profit advances
October 22, 2012--The Bahrain All-Share Index declined by a quarter percentage point Monday, ending at 1,059.89 points.
Islamic bank Ithmaar closed unchanged at $0.17 after the lender said that it will merge with one of its Bahrain-based associates, First Leasing Bank. "The announcement, which follows the approval of the shareholders of both banks during separate Extraordinary General Meetings, is subject to final regulatory and legal approvals," Ithmaar said in an e-mailed statement. Its rival Al Baraka Banking Group dived 6.70% to $0.70. Earlier in the day, the Al Baraka said its net profits after tax reached about $39.92m compared to about $29.62m in the same period in 2011. In September, Standard & Poors rating services reaffirmed its long and short term credit ratings on Jordan Islamic Bank (JIB)at "BB/B" with a negative outlook.
Al Baraka Banking Group plummets, nine-month net profit advances
October 22, 2012--The Bahrain All-Share Index declined by a quarter percentage point Monday, ending at 1,059.89 points.
Islamic bank Ithmaar closed unchanged at $0.17 after the lender said that it will merge with one of its Bahrain-based associates, First Leasing Bank. "The announcement, which follows the approval of the shareholders of both banks during separate Extraordinary General Meetings, is subject to final regulatory and legal approvals," Ithmaar said in an e-mailed statement. Its rival Al Baraka Banking Group dived 6.70% to $0.70. Earlier in the day, the Al Baraka said its net profits after tax reached about $39.92m compared to about $29.62m in the same period in 2011. In September, Standard & Poors rating services reaffirmed its long and short term credit ratings on Jordan Islamic Bank (JIB)at "BB/B" with a negative outlook.
Bahrain market index remains GCC's trouble child
October 18, 2012--The Manama-based Baharain All-Share Index slipped 0.16% Thursday, finishing a dull week of trading at 1,066.84.
Bahrain Telecommunications or Batelco gained half a percentage point, while Islamic bank Ithmaar closed even. But losses at lenders Salam Bank (4.44% lower) and Ahli United Bank (off 0.93%) weighed on the gauge. Year-to-date, the Bahraini gauge dived 6.72%, the worst performance among all GGC markets.
Mannai Corp. nine-month profit soars, so does its share price
October 18, 2012--The QE 20 Index added 0.10% to reach 8,542.14 points.
Multi-industrial group Mannai Corporation jumped four percent to hit QR99.80. Earlier in the day, Mannai Corp. said its interim financial statements revealed a net profit of QR258.4m for the nine months period ended September 30, in comparison to a net profit of QR203.6m for the corresponding period last year. In March this year, Mannai bought Dubai-based jewelry trading firm Damas for $445m. Danas shares were consequently de-listed from the NASDAQ Dubai.
